Pattern confirms 'interest' after shares leap on sale talk

US renewables operator reacts after parties including Brookfield said to hover

US renewables operator Pattern Energy confirmed it considering "third party interest" after reports said it is on the radar of potential buyers including Brookfield Asset Management.

Pattern said in a statement sent to Recharge: "Despite Pattern Energy's policy not to comment on market speculation or rumors, Pattern Energy is confirming that it has drawn interest from third parties and is responding to such inquiries as appropriate."

Bloomberg earlier cited unidentified sources saying Brookfield is exploring the idea of merging the wind and solar owner with fellow yieldco operator TerraForm Power, in which the Canadian investment group is the biggest shareholder.

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Pattern Energy’s shares rose 8% on New York's Nasdaq on Monday to close at $25.15, their highest level this year.

The company in its statement stressed that "no agreement or arrangement for any transaction has been reached with any such third parties. A transaction may or may not be agreed as a result of any such inquiries or discussions".

Pattern Energy has a portfolio of about 4GW of wind and solar projects spanning North America and Japan, with the bulk of its new operating capacity fed in from sister company Pattern Development.

Pattern is notably a pioneer in the Japanese offshore wind sector where its nearshore 112MW Ishikari project is on course to enter service in 2022.

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